Perisai received a notice dated Oct. 3 from the trustee of the notes notifying that an event of default has occurred, the company said in a statement to the Malaysian stock exchange on Tuesday. The bond was due on Monday.

Shares of the company slumped as much as 32 percent to an all-time low of 8.5 sen on Tuesday.

Perisai had started talks its bondholders in August to seek an extension.

Perisai plans to talk to bondholders about an alternative proposal after it received an indicative financing offer from a financial institution on Sept. 30, it said in a separate statement issued late on Monday.

The company did not identify the financial institution, but said about $20 million would be made available to resolve the situation with bondholders.

In July, Singaporean oilfield services firm Swiber Holdings Ltd applied for judicial management, becoming the largest local company to fall victim to the slump in oil prices and raising concerns over the health of the sector in the region.

Malaysian lenders are bracing for a hit to its profit this year, Reuters reported last week, as they bump up provisions for sour loans to the local oil and gas services sector that has been battered by the slump in energy prices and cutbacks in projects.